Virginia Offers Tax Amnesty
If you owe taxes to the Commonwealth of Virginia, now’s your chance to catch up, wipe the slate clean, and save money on penalties and interest, if you are eligible for the program.
The Virginia General Assembly announced on September 5, 2017, that it will offer tax amnesty through November 14, 2017. During that time, all penalties and 50 percent of interest owed on overdue taxes will be waived. For a tax bill to be eligible, it must have been assessed on or before June 15, 2017. The tax must also relate to an eligible period – and that period will depend on which tax you owe (i.e., corporate income tax, individual consumer’s use tax, estate tax, cigarette tax, etc.).
But if you are eligible to participate in the program and choose not to, you may also face additional penalties.
There are lots of details for this program – too many for one email. But you can get more information to see if you might benefit from Virginia’s Tax Amnesty Program when you read this most recent tax alert.
Program details can be found here: http://www.cbh.com/guide/virginia-approves-tax-amnesty-program-for-businesses-and-individuals/